Nearly three-quarters of expected flood damage to American homes is currently uninsured, according to new data released by the Federal Reserve — and Republicans and those who don’t believe they’re personally threatened by climate change are more likely to be among those underinsured.

In a new Federal Reserve working paper, researchers estimate that there will be $24.4 billion in future annual financial losses as a result of flood damage to single-family homes — and more than $17 billion of that potential damage is currently uninsured. What’s more, 80 percent of households at risk of flood damage do not have adequate coverage, with the average home needing roughly $7,000 more in insurance to cover potential damage.

In areas known to face the most acute threat of flooding, such as those affected by hurricanes and other areas prone to flooding, more than half of the expected damage to homes remains uninsured. The study also found that more than 90 percent of those in the lowest income brackets lack adequate flood insurance — a problem that will likely become more acute as flood insurance premium rates continue to increase.